A2ii-IAIS-SIF welcome supervisors to a new training module: Supervision of climate-related risks in the insurance sector
The training module ‘Supervision of climate risks in the insurance sector’ is a result of collaboration between the Access to Insurance Initiative (A2ii), the International Association of Insurance Supervisors (IAIS) and the UNDP Sustainable Insurance Forum (SIF). It aims to support supervisors with integrating climate risk considerations into their regulatory frameworks and show how supervisors can work with insurers to highlight the climate change impact on businesses and portfolios.
The module covers the key aspects of the IAIS-SIF Application Paper on Supervision of Climate-related Risks in the Insurance Sector:
- Supervisory review and reporting (ICP 9)
- Corporate governance, risk management and internal controls (ICP 7 and 8)
- Enterprise risk management for solvency purposes, including scenario analysis and stress testing (ICP 16)
- Investments (ICP 15)
- Disclosures (ICP 20)
Integral to the module is the Bank of England’s Case Study from the Prudential and Regulatory Authority on integrating climate change risks into the UK’s supervisory framework. The Case Study includes considerations for supervisors on assessing climate risk against regulatory objectives and developing a supervisory plan on climate-related financial risk.
Access to the training module is open to the public and to all supervisors with an account in the A2ii Connect Member Area. We welcome new registrations to our platform from supervisors who wish to request an account to track their progress in the module or to participate in the discussion.
The module is also hosted on the Climate Training Alliance (CTA) Portal, which was recently launched by the IAIS, Bank of International Settlements (BIS), The Network of Central Banks and Supervisors for Greening the Financial System (NGFS) and the SIF. To register for the CTA Portal, follow the link to the IAIS Member Area.